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favor of bankruptcy, the next question becomes what happens to the city retirees clinging to those benefits? and the president is pushing this hour for a higher minimum wage. the congressman to talk about that. by your gifts online, paying tax, others don't, supreme court doesn't want to get in the middle of it. judge andrew napolitano has no problem getting in the middle of that. and then, consolidating your wallet into just one card. the high-tech idea could be the way we shop in the future. it is all coming up along with dagen mcdowell on "markets now." dagen: giddyup. changing out of the shirt you had done earlier and now you look more businesslike. connell: i will take that as a complement on both sides. i have no other choice but to
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check the market and talk to the judge. dagen: we have to hit your slender. we have gains on the market right now despite the better-than-expected numbers from adp, nicole petallides at the new york stock exchange. nicole: you mentioned adp, which was better. we also got new hom home sales numbers better than expected, we are seeing the market with three straight days of selling and they might have scooped up some opportunity. right now dow jones industrial of 41 points, a gain of one quarter of 1%. microsoft hitting new highs, goldman sachs and united health care and other leaders. intel a winner. the fear index up 6 days in a row, is pulling back a little bit. it was interesting to watch very closely to mak seve it would toa
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seventh day of gains. the longest streak of gains since april of 2012. boosting the share buyback program 8 billion, heavy volumes, big news, keep an eye on that one. back to you. connell: lawmakers have approved a measure to overhaul the state public employee pension system. dagen: jeff flock, we have moved him back to chicago from detroit, he has more on this story. jeff: huge week on pensions. springfield, illinois, where they said they think about $100 billion on the reform the past yesterday that the governor says he will sign very soon.s cr taxpayers, unions call it theft. what does the deal say? number one, it pushes back the
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retirement age only for workers 45 and younger, so nobody over 45 gets touched. it would reduce cost-of-living adjustments. very generous in illinois, some people think that is why there has been such a problem, so some will be skipped. on the worker's side they are reducing by 1% employee contributions and some people will get a chance to do a 401(k). a positive for everybody. does this pass constitutional muster? illinois has a provision which says the constitutional provision that says you cannot reduce, diminish pensions. the judge ruling in a historic ruling they can cut the pension. in illinois there is not a bankruptcy, so this must pass constitutional muster. a lot of people think it won't do that.
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we will see. connell: speaking, jeff, of detroit. you were there yesterday reporting outside the courtroom bankruptcy filing, what is the latest from detroit? >> the judges have refused to state the ruling. appealing that ruling. but i don't have much hope for that appeal. it was a very detailed ruling. timetable on it, they hope to have a plan of who gets screwed and how much the pensioners, bondholders, hope to be proud of bankruptcy by september. one other piece to tell you the detroit institute of art is in play. what they have it that museum chris released its report on that today, the art detroit owns 452-$866 million. that is what christie says. dagen: it is headed somewhere.
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thank you for the reporting as always. junius with more, peter kaufman. the best dressed man in investing. >> thank you. dagen: it is good to see you. yesterday's ruling, the impact on detroit, does it save the city, does it ring investment back and what about some of these other cities like stockton or san bernardino. >> it was such an interesting ruling. he is a great judge, very careful, almost never gets overruled said he was very careful what he did, so the interesting things going on in detroit, and the impact of the rest of the country. he made some fact findings the city did qualify for a bankruptcy filing because the state had authorized it, and even though the city found he didn't negotiate in good faith
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with the creditors, he found it did not matter because it was over 100,000 creditors. he went further and said by the way, bankruptcy law trumps the state constitution that holds pensions. i would not like to see deep cuts or any cuts unless the whole thing is fair and equitable. it is a bankruptcy term. it does not mean it is fair. it is not fair to restructure a city on the back of a pension. it means there will be an equitable sharing of the pain. dagen: they are on the same line as the creditors, right? the bondholders. >> people who have invested money. they are concerned of compromising people who have invested money because they have to invest in the future. this is a very interesting and important decision.
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dagen: do you believe no new investments will come at the city once the restructuring is done? >> i think with this ruling estimate does not get overturn overturned, he is not going to stop the proceedings while the well billiard unions to appeal this. you have a lot of assets in detroit, the art collection, for example, somebody could come in and loan money even immediately or in the near future to collateralize by the art collection and give them some needed fuel. but the mismatch between finances and debt is huge. predicting $200 million in revenue shortfall this year. i have three and have early in unfunded pensions and there will be a huge sharing of the pain amongst everyone. dagen: does it change was going on on in other cities, stockton for example? >> this is such a presidential
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decision, detroit has already said the city manager has said he is going to demand bondholders take cents on the dollar. that is a huge deal not even talk about. i do think that is going to embolden if not decisions by those cities in the bank of the judges, it will force everybody at the table to try and reach consensus, which i think is at the heart of what judge rhodes was trying to do. dagen: good to see you, please come back more often. take care. connell: from that discussion of pensions to another important economic issue in the news tod today, that would be the minimum wage with president obama pushing for a hike in the minimum wage. his remarks scheduled later this hour on that. dagen: let's bring in new york democratic congressman charlie rangel. it is great to see you, thank you for being here. it doesn't look like this is
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going to pass the house even with the president getting behind it. what do you say? >> i think it is a big mistake if we don't do it. good for american workers, good for economy and part of the american dream. i really don't think government should have to set a minimum wage. i would like to believe employers would want to pay a fair wage and one that doesn't have to be supplemented with welfare food stamps and health care. it is a good feeling when you pay your employees a wage where they can buy and afford to purchase goods and wares being sold. it is embarrassing for people who work in retail stores where profits are soaring and employees are making -- employers are making large income but the staff cannot afford to buy the goods they are selling.
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connell: when i heard it be great if the government didn't set a minimum wage. the conservative argument against raising the minimum wage is if you raise the wage too much, these businesses, it will hurt job growth, they will not want to keep paying it and they will lay people off so it will be detrimental to your cost. that is the argument. >> i think it is a good argument and i support keep government out of these decisions whenever you can. let the private sector work its will. the question of disparity in terms of wealth, these are not things capitalism and keep government out of it really work. you do need to monitor and have levels of decency, fair play and things at work for the economy. connell: the president talked about $9, democrat at $10.10.
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fast food workers walking off the job tomorrow in this big protest some have pushed for $15, so what is the right number in your view that wouldn't be detrimental, businesses could handle it and they would not lay off workers because they are paying too much. speaker of the private sector would come in, all of us would agree the minimum wage should depend on the cost of living in the areas in which we live. those who live in mississippi as opposed to those who live in los angeles, there is disparity what it takes in order to live. if you just have a minimum of whatever is necessary, you would hope the local and state governments would complement it. this sounds good for openers, but if the cost of living revised 30,000, somebody has to help and it shouldn't be the government. for conservative people, keep the government out of supplementing people who are
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paying below a decent and fair wage. that is conservative, and that i agree government shouldn't be involved. it is good for the country, good for the company and good for the employee. dagen: on the conservative side, many would argue you would need to have this discussion of raising the minimum wage if jobs were growing fast in this country. choosing between one or the other, what you choose? >> i would say to the conservatives that job growth should be a part of this equation. and if the republicans would only allow the president to put into place or to give ideas that we can legislate that would improve our infrastructure so that trains would not be running off the railroads, plans would not be in jeopardy, that we could really help commerce to regain the national leadership, international leadership we have enjoyed. so if we can help the private
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sector as they are doing a good job with economic growth, i think that is the role of government. dagen: to that point and that horrible train accident in new york city, your constituents where we both live, to that point, that was a man driving a train who is acknowledged nodding off and the train was speeding, so how does that an example of meaning greater infrastructure? >> if the engineer had dropped dead we have technology that would automatically be able to see the speed the train was traveling, be able to detect a curve and stop the train. it is an automatic brakes control the train should have had and most countries already have that. so the government has to do that because those may private sector have to think in terms of profit as opposed to their lives.
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the federal government has to negotiate. connell: they are already doing that in new york on metro-north, it is just not mandated yet. this happened before that went into effect. >> that is where the federal government comes in. god knows we need controls and regulation, and we have to make certain technology is there. dagen: should taxes supplement that? supplement commuter rail and those things commuters use by taxing people driving into the city. >> we would not even have to think about having additional taxes placed on taxpayers who are already overburdened if we close the loopholes that are involved, increase the taxes, lowering the taxes for the wealthiest. they should be closed.
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connell: we have to wrap it up for today but we enjoy talking to you. >> have a good holiday. dagen: covered a lot of ground. connell: a number of different topics. credit cards to give cards, everybody has too many. a new device lets you put everything into one. connell: this is worth hanging around four. we will see if it is a moneymaker. and do your holiday shopping this season, who gets the taxes? judge and napolitano will join us with amazon and new york state. dagen: you are still supposed to always. your tax cheat if you are not paying your sales taxes. and people are paying big bucks for sports memorabilia. from the ballfield may be. people pay money for anything. that is what they are paying for
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daymac new home sales surging in october taking home builder stocks with them. nicole petallides is at the stock exchange. >> helped to bring them off of the lows of the day, they are not far off of the unchanged line but the new home sales numbers came in and beat the street expectations with a rise of 20.4% to 440,000 beating the estimate of 426,000. of up arrows, the toll brothers and j. b. holmes are up and we are also keeping a close eye on other names like pulte which showed a big move as well. a couple things to think about retaining to home builders, talking with ben willis about it, now begins the hope for e as people start to buy home builders going into the spring
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holiday, spring shopping season for home builders. the other thing they will contend with our higher mortgage rates. connell: we will be back in a few minutes and an interesting story, we talk about online shopping all the time but looking to bring in new younger buyers, the german automaker daimler is testing online sales of its mercedes-benz luxury cars, online tests taking place in germany expecting to expand to daimler's biggest market, this one. the united states. mercedes-benz offers four reconfigured models. it has gone on line. dagen: mercedes will ever take bmw as leader in luxury-car sales for the first time in three years. a real war in incentives between those two. if you are in the market now is the time to do it. connell: would you buy one on
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line? dagen: if something is screwed up you got to see it in person but he used to be commonplace for people to order cars from the manufacturer. you never want a car to come off the line on monday because it was a limit. connell: you learn something new every day. billion the spent online and all kinds of things, other things this holiday season, state taxes are part of that in some states. the supreme court is refusing to hear amazon's argument. the judge is coming up, judge andrew napolitano. dagen: spacex in the commercial satellite industry after numerous delays. what it means for the future of all of us. every day we're working to be an even better company - and to keep our commitments. and we've made a big commi.
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bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger.
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>> 25 minutes past the hour your fox news minute, the central rockies bracing for a major blizzard with 6 to 12 inches of snow expected minnesota to michigan. high winds can send snow across the rockies reducing visibility and creating dangerous travel conditions. the joy has been declared eligible for bankruptcy restructuring a casualty of the move could be the city's art
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collection. christie's auction house appraised the value of the detroit institute to 450 and $860 million. christie's will propose ways for the city to monetize the art work. and he may have become a world series champion as a member of the red sox but jacoby ellsbury will be patrolling the outfield. word is he has reached a 7 year contract worth $150 million to play for the yankees and those are your news headlines on the fox business network. back to dagen mcdowell and connell mcshane. dagen: good to see you as always. connell: charles payne not the only big tech company buying up robotic companies, google getting in the arms race as well. charles: google just reported in the last several months they made 7 robot acquisitions. this is good stuff.
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because there's a human aspect that i think so interesting we have a protest coming at these fast food restaurants and to western agreeable via moved point. these robots if you take some together they have robots with the vision, the hands, that work well with human beings, robot wheels, robot design, robots do logistical stuff to take stock of trucks, stuff that people do end amazon is in the same school, what is extraordinarily exciting is you couple this with 3d printing and groans there will be some serious human impact later down the road. connell: jeff bezos talked about that. this is the way things are going. it is going to happen. you can argue against it, you
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can't make an argument against -pit. dagen: a retailer gets an edge if they have a phone representative to deal with you immediately, she can always get somebody on this side, an automated voice system similar to having a robot perform other tasks. in terms of customer service -- charles: there will be a point unique human contact but the guy's driving a forklift that job will be replaced. connell: the overall movement won't stop. dagen: we had this discussion when assembly lines or automated and all autoworkers -- charles: this is 20 years old when robots first made the splash but now the technology has gone so good it is unavoidable. is exciting from an investment point of view. we have to get our kids prepared
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for a new world. dagen: putting it all on one car. tomorrow's business today. the high-tech idea that is supposed to end the days of a fat wallet but helps you pick up checks. >> throw your wallet? connell: the booming business of sports memorabilia. that is where we come from. ♪
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connell: talking about tomorrow's business today. 40 minutes after it crowd
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funding campaign ed digital card company capable of replacing debt, credit and if cards passed its goal of $50,000 and plans on releasing its first calling cards in summer of 2014 but the credit card killer if you want to call it that these heavy competition from well-known names like google and paypal. the founder and ceo of the company:joins us from san francisco. before we get to that competition, the business model, tell me whatcoin does? >> it will your membership and gift cards and allows you to use them everywhere you normally do. connell: the problem with other wallets that people have is it may not be accepted everywhere
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but this device which looks like a card works everywhere cards are accepted. how did you switch between american express, visa, gift card or something? >> what happens is when you start to use your card you would go in your wallet and take it out and there's a screen on it and you would hobble through the cards until you see the one you want to use and use it as you use plastic. connell: the next one comes up and they swipe at the restaurant and use it like any other credit card. fascinating idea. i want to ask about competition but also the business model. how do you make money off of it? >> release simple. we sold the device of front. connell: you are not making anything on the slopes. you are just the product.
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>> enable the transaction so nothing changes. ashley: it is $50 for one of these things. >> ended last two years. it is good to go once you get it. connell: you are looking at the video from one of the commercials they put out. the guy with the beard, what we were talking about, how it works, google is in this business, paypal, how do you compete? what is your competitive advantage over other companies as you look at them on the screen, and these other companies that are much better known as the people know the right away, google, apple, square, these companies people identify with, what is your advantage? >> it is our focus. we are about the consumer and how to make life better.
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it is directed at the consumer and solves the problem meaning we are not giving consumers an option to pay a different way. we are giving them 100% placement. connell: no one doing exactly this, there is no direct competitor? >> there is no direct competitor. connell: people go on line and look at that. a more detailed explanation on the screen. we will have you back. next summer we will have you back and see how business goes. dagen: jeff bezos made deliver a check to the state of new york, the battle between the two, will impact sales tax across the country?
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connell: talking about the technology of the future. spacex in the satellite business, they plan on tackling this new frontier. we will tell you how that works coming. dagen: big sports means big business, everything from charities to derrick going at high prices. talk about why sports fans are buying this stuff. connell: by some dirt. dagen: daytona asphalt in my office. so ally bank has a raise your rate cd
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♪ [ male announcer ] prilosec otc. one pill each morning. 24 hours. zero heartburn. lori: i am lori rothman, the private sector added 215,000 jobs topping expectations for a gain of 173,000, payroll processor adp says that is the most jobs added in a year. also revised higher 184,000 from 130,000. mortgage apps split for the fifth straight week. the index for new mortgages fell by 13% last week. the index is at the lowest level since september. opec decided to hold steady with thirty million barrels oil production tab for the first half of next year.
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will ministers for 12 member countries are invalid. that is the latest from the fox business network giving you the power to prosper.
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connell: back on markets now, the judge on an important story. emergency jobless benefits for a million long-term unemployed people are set to run out of the first of january unless congress agrees on an extension but economists at jpmorgan said the drop-off in benefits could lower the current unemployment rate of 7.3% by as much as 1/2% because of those 1.3 million americans will no longer be considered part of the work force. something to look out at when the jobs report comes out. congressional republicans are willing to allow benefits to run out december 31st -- to 31st. dagen: tax-free online shopping is becoming a thing of the past.
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have consumers in this country are already having sales taxes collected from online retailers. states doing this piece by piece and the supreme court on that multibillion-dollar legal battle. connell: judge andrew napolitano never ducked his head on anything, forcing amazon to collect from customers in new york. this move the lot, this argument, the newest way of talking about taxing the internet. judge napolitano: my take is for 200 years the supreme court has ruled there is no obligation to collect taxes unless the tax collector, the seller physically located in the state which is imposing the tax. if you are living or working in new york, ordered a book from amazon that goes from a warehouse in new jersey to your home in new york and amazon absolutely presence is the delivery of the book into an new york, that is insufficient to
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require a collection of tax. connell: don't hit me on this because i know your strict interpretation of the constitution but doesn't that change because of the internet? judge napolitano: yes. congress in its voracious appetite for cash and decided we are going to let states have a voracious appetite for cash and congress is on the verge of authorizing the state to compel businesses to collect taxes for the stage even when the businesses are not located in the state. dagen: amazon has relationships where statement came in, amazon has relationships with certain sellers in these states and amazon collect sales tax for 16 states which comprises more than half of the shoppers. judge napolitano: once this takes off there will be no tax free states. as long as they have a sales tax they compel amazon and other online sellers to collect even though they are not physically located in that state.
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that will be a radical change in the law, that the state can compel someone subject to its jurisdiction, not physically located in the state to collect taxes. connell: to the early point the internet versus the way things were before the internet what is the problem with that? judge napolitano: the argument of brick and mortar stores is it is unfair for us to collect taxes and the online merchants selling the same products not to. barnes and noble physically located in new york city you buy a book from barnes and noble you pay at the deck of sale the sales tax. amazon not located in new york city by the same book from amazon, you don't pay sales tax. my solution is get rid of the sales tax for the brick and mortar stores, not at the sales tax for the online. dagen: some states don't have income tax like florida and they need the sales tax. judge napolitano: no state needs more taxes. they need to spend less. gerri: that is a different
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argument. judge napolitano: the government is looking for every opportunity they can to take cash from us and our using these simple basic arguments, we don't have an income tax so we need a sales tax. >> we are agitated you are under the bus. dagen: i actually covered the trial here in new york state. he is going to be paroled, poster child for wealth and greed. there was the mistrial and he was retried. this was different because he went to state prison. judge napolitano: he went to state prison for eight years for receiving $134 million in bonuses. every single one of which was authorized by the board of directors of the corporation and yet the government persuaded a judge to permit a jury to second-guess the board. dagen: you know how he got busted? not paying tax on sales of stock he bought that was shipped to
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new york. judge napolitano: he paid back all $134 million and paid $109 million fine which went to the government's congress to spend however they went on top of $134 million, one of the great injustices of our era. dagen: i will buy this painting the ship me a phone book type deal. that is how he initially got caught. great to see you. judge napolitano: as soon as you arrive you go on tv. dagen: i know. it will be interesting. there's the famous video of the party. judge napolitano: that is the stuff that did him in. the court permitted a jury to see the videos of those and libertine parties in sicily had nothing to do with the case but is in flamed the jury. dagen: he had jimmy buffett. connell: the fourth time is the
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charm for elon musk and spacex at three scrub the tent they launched the first commercial satellite into orbit. dagen: we go to joe win king. >> last night the spacex 246 foot falcon 9 rocket blasted a satellite owned by luck and borg's 50,000 feet above the earth yesterday signaling spacex could be ready to take on a well-established players in the multibillion-dollar launch industry. they can do lunges for cheaper than the competition if advertised the powder and 9 launch for $60 million not to mention got a good discount for the committee to be the first commercial product customer. spacex could take on the regional monopoly of companies like lockheed martin which could dominate the u.s. military spy and military satellite launch if they can crack the market. another company that could be affected is boeing. boeing and lockheed martin had a joint venture since 2006 called
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united launch alliance. elon musk's company has ambitious plans, and 10 of those deliver supplies to the international space station. one more launch is planned for the end of this year. they hope to launch a satellite from cape canaveral. dagen: thank you so much. connell: we will talk about this booming business for sports memorabilia. it has always been big but has really taken off. and autographed stuff. dagen: i own a piece of asphalt from daytona speedway. take a look, speaking of winners. nasdaq. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded?
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connell: we wrap up this our of markets not talking about making money from there to. you new hosting a show hosted by dagen mcdowell would come to this. sports aficionado's buying dirt from professional playing field as a gift to themselves or others then. to make money on that? steve costello tries to end is executive vice president of steiner sports is kind enough to rejoin us. we talked about that robinson's glove which was a cool product. how are you doing? this is a legitimate booming business. it always has been but the last few years haven't you seen for what reason people are willing to pay more for autographed baseballs and helmets and even dirt from stadiums? >> one of the things with the dirt is if you look at yankee
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stadium lot of players run out to the stadium, took the dirt and brought that with them. it gives you a connection to the stadium, the game, the players. connell: you test it to make sure it is legit, authenticate the dirk? >> we have dirt in our warehouse and major league baseball has an authentication program where we can actually get a hologram and see where the deer came from, when it was taken. connell: one reason, i was watching alabama last week, truly an instant classic, of the best college football teams ever. the fans rushed the field, people saying give me a blade of grass or whatever and try to sell it. or it is happening. >> fans want to connect to the great moment, connecting fans with those great moments and a lot of it -- connell: you are the biggest in the business of doing this and we will talk about that for the
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next few minutes. it is holiday season and people are looking for gifts and what you brought with us is a gift for the kids, a gift for mom and a gift for dad. let me start with the kids. you represent mariano rivera. he is retiring. it has been a big deal, going away party, this is the mariano rivera watch. what is this? >> this is the road to 602. when mariano rivera had the 602 save and broke history this was the amount of saves with dirt from the field. connell: why give it to the kids? you can learn from this? >> it is the geography listen. how many saves put you back to all those different stadiums, gives you the opportunity to own dirt from every major league park. connell: people think that when you were kids your parents were saying read anything, read the sports page as long as you are reading, you learn geography.
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victor cruz is a good dancer. he dances too much but the salsa dance has become famous. this is the gift from mom. >> absolutely. he is a great dancer, autographed by victor cruz and the salsa dance is something victor's own identity, it has been one of his signatures and people want to have that. connell: this is a guy who gets it and makes the few bucks. he didn't come from other big college but he is a good player. ensure that will make a lot of money and thanks for coming in. last product, this has jerked in it. from yankees stadium. what is the ball from? >> derek jeter and mariano rivera two ball said, photos of them in action and dirt from yankees stadium. a great gift.
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connell: have a great holiday. is a booming business. by some dirt. dagen: give me an autographed virus is any day. you don't even know what that is. connell: no clue. dagen: no laughing matter obamacare on capitol hill, four separate hearings georgia congressman phil gimmickry weighs in on what his committee has accomplished and it is the season to drink. the ceo joins cheryl and dennis in the next hour. here to help bla ks on the move. tdd#: 1-888-852-2134 in here, streetsmart edge has tdd#: 1-888-852-2134 chart pattern recognition tdd#: 1-888-852-2134 whicshows you which ones are bullish or bearish. tdd#: 1-888-852-2134 now, earn 300 commission-free online trades. tdd#: 1-888-852-2134 call 1-888-852-2134 tdd#: 1-888-852-2134 or go to schwab.cotrading to learn how.
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>> i have always said i will work with anybody to implement and improve this lot effectively. you got good ideas, bring them to me. let's go. we are not repealing it as long
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as i am president. [applause] cheryl: president won't back down on obamacare even if he has to fight for three more years. i am cheryl casone with dennis kneale to take you to the next hour of markets now. president obama continues his 20 day pr blitz to will americans to sign up for health care, four separate hearings on the law are underway in capitol hill. filled in greek --phil gingrey is here. david dietz is here with where to make some green coming up in our stock radar and washington d.c. raising the minimum wage at the nation's largest retailer, wal-mart, opens for business. we have the details, the backlash and the fight ahead for both. all this and more in the next hour of markets now.
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timing is everything between washington d.c. and walmart. this has been going on for so long and the minimum wage going up with wal-mart opened up a store. capitalism lives. dennis: so does obamacare. the president denial on how things are going. cheryl: there's deion and defiance, both active. dennis: top of the our stocks every 15 minutes, nicole petallides at stock exchange. reversing course again. we don't want good four straight days down on the dow. i forbid it. >> you will see that team of the bull camp and want to see this reversal happen. we have three days of selling for the dow and the s&p on high hopes that another downside, we have seen back-and-forth action even today short-time ago. stocks were in the green, now to the downside, not even 0.1%. the s&p at 7093, a loss of one point. shows you the market is in wait
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and see mode, the a dp data, a private sector jobs did better than expected and new home sales impressing wall street so that was good news. take a look at the vix, the fear index which gauges what we are, this was to be the seventh straight day with an apparel for the volatility index which was indication you may see the s&p being jarred one way or the other, maybe 3% or after the jobs report but it has taken a little breather and you can see right now it pulled back some, 0.1% to downside that teams like microsoft in a new high and financials are doing well. connell: thank you very much. cheryl: time for the fox business radar. david dietz, president and chief investment strategist at the fox business graphics wizard, take a look at a sector you really like, particularly chevron but this is the energy sector.
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we have this news out of iran, they are looking for several major companies, chevron, they want them to come in to iran and start producing. if you are picking chevron today is this good news if they go into iran? >> absolutely. chevron is as well-positioned as any international companies to do what iran needs because 75% of their business is overseas. they are the second largest energy company in america so they have the financial strength and the experience to get the job done so they have to be at the top of the list. cheryl: if you take chevron and pull of the one your chart, this should belong to story especially when you are talking about energy companies he did take a look and three your chart, these are the dividend players you have been watching over the last few years, if you buy a stock, chevron or any dividend player, you also like the management. >> absolutely.
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we are looking for a combination of quality and value. in terms of quality look at john watson, a head of chevron, he has a 43 year tenure, he has that fine combination of financial and operational experience and he has indicated by his words and actions, dedicates returning money to shareholders the you have the sixth largest dividend out of chevron. cheryl: compare them to chevron or conoco phillips and see the performance, really goes in sink. the same with all the oil companies with the iran news coming out. >> the whole group has been flat over the last five years but chevron is up 6% per year on average but overall chevron has gone up. cheryl: another sector is where you have a name you like, a company everyone is going to know and say i like this one, oracle. they are on an acquisition care when it comes to the enterprise
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offer space. these guys larry ellison is still poised for growth. $34.95 a share. where does it go from here? >> it could move into the 40s. there is a craze for dividend. we like high dividend stocks as much as the next person that you have a small dividend and they are paying 5%, tremendous room to grow the dividend. they returned $10 billion. cheryl: they have actually done an acquisition. i want to compare them to hewlett-packard. what a story. oracle has been flat. look at hewlett-packard, different story. if i take a tech and them, oracle versus 80? >> oracle is one of the few companies that can pull off the acquisition as you point out. over the last five years $45 billion have been spent, not just the task, the co-ceo, and mark heard from hewlett-packard, they are the guys who can
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integrate these acquisitions and bring oracle into the cloud that right time. cheryl: is all about stocks. thank you, dennis, over to you. dennis: the president continues his hat rally for obamacare the law is getting girl on the hill in four separate hearings today. one subcommittee focusing on the effects of thousands of seniors on the medicare advantage program. georgia republican congressman and doctor phil being greek - --gingrey joins us. from the skeptical outsider will get these hearings and is the objective to fix obamacare and fix these errors or is the objective to have political theater and beat up on each other? >> the objective from the democratic perspective right now is to fix the web site. they seem to think obamacare itself is the best thing since sliced bread. i would say fixing the web site is the tip of the iceberg.
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i think the bill itself is one of the worst pieces of legislation this congress has ever passed. when people find out what is really in it they are not going to like it one bit. this hearing they were beaten up on the democratic witnesses were suggesting the medicare advantage program was no different from medicare fee for service, why call it medicare advantage? they want to change it to medicare disadvantage. that is what the hearing was about and clearly there are huge problems, what we brought out in three witnesses clearly said seniors are going to be disadvantaged by these cuts to medicare advantage and a going to have to get notified just as young people and middle-aged people that can no longer keep their insurance company even though they like it or their doctor even though they like her as the president promised and these are our precious seniors.
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that is what the hearing was about. dennis: what is the bad effect obamacare is having? i thought medicare was a separate government program for the elderly. >> it is and it should be and not one dime of money should be taken out of medicare to pay for a whole new entitlement program called the affordable care act 300 and middle-aged people. it is almost criminal to do that, to take something like $750 billion out of the medicare program which is already struggling and start creating a whole new entitlement program. let's fix one before we create another, clearly this obamacare is a failure but we need to continue to strengthen medicare, something like 29% of seniors choose medicare advantage yet we took $300 billion out of that program and i guarantee you in the next couple years you are
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going to see health insurance companies getting completely out of medicare part c, private medicare and -- dennis: i saw the new york times article saying this is the biggest redistribution of wealth our country has ever tackled. tell us -- it is the bill you filed related to senator harry reid. he decided some members of his staff are exempt from having to take part in obamacare coverage. you filed a bill that wants to lump that but will you be covered by obamacare and your staff? >> i hope we will be. my staff is my officials staff, designated them an official is so disingenuous, you have to call that a lie. i don't know what harry reid did to keep his staff and the federal employee health benefit plan. me and my staff, we are all going to be on the helsinki
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exchange and we tried to sign up. if we don't sign up by monday then some like me or anybody on my staff will be uncovered on january 1st. goodness gracious, what an absolute train wreck as senator max baucus said six months ago in the hearing with secretary kathleen sebelius. dennis: thank you for your time, we appreciate it, good day. dagen: cheryl: let's stick with washington where d.c. city council voted unanimously to raise the minimum wage by $3 by 3,016. walmart is opening shop, something we have been watching. peter barnes is joining us with more details. >> it is a mixed day opening two new stores to good crowds but
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whether it opens more spores is now uncertain after the d.c. city council gave tentative approval to raising the minimum wage to $11.50 an hour by 2016. the district's current minimum-wage is a dollars and $0.25 an hour. walmart and other major retailers battled the city earlier this year when the city council passed another bill that would have hiked the minimum wage to $12.50 an hour, so-called living wage supported by unions but retailers call the bill unfair because it would have applied only to employees and big box stores. walmart threatened to halt the expansion plans of the bill became law and mayor vincent gray vetoed it as a job killer and unfair for singling out retailers but the city council responded yesterday with unanimous veto-proof support for this new minimum-wage bill which would apply to all workers in the city. the bill's sponsor thinks the
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city, not walmart, has the leverage. >> a very attractive market, one of the highest disposable incomes in the nation, we are approaching 650,000 residents, so this is an area of growth. an institution like wal-mart already saturated the suburbs so they need to come to the inner cities. >> walmart did not respond to our requests but the mayor said he supports raising the minimum wage for all workers in this city to at least $10 an hour. cheryl: after he was initially on walmart's side. peter barnes, a fascinating stuff. thank you. dennis: coming up with you by your call our on line? state laws make it illegal in many markets but one luxury automaker tested at out hoping to attract a whole new kind of
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customer. cheryl: charles payne coming up, he has a nice place for you. we give it away, there it is. take a look at the energy sector, a pet, a big meeting in vienna saying the supply from iran will not be oversupply. debate on that as well. we will be right back. [ male announcer ] here's a question for you.
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cheryl: want to see some action, the dow down 40 to points. we could be looking at four days in iraq after the dow and s&p, we haven't seen that action for several months, 15,875. a couple names, the financial, chase, big news out of europe, jpmorgan chase is one of them overrate rigging it. a $2 billion fine. the banks are splitting up the fine but that does affect the sector and i want to show you the financial sector overall and
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that is right there. you have mixed bag on your financials. time for stocks, every 15 minutes. let's go to the floor of the stock exchange and nicole petallides, what you watching? nicole: a couple big names i am keeping an eye on. great news for pandora year over year. the number of listeners, market share, the number of hours those listeners are listening, all up arrows. let's see what the stock is doing up 4.8%. listener hours were up 18% from a year ago to 1.49 billion listener hours. also there is total share increased 8.4 person, great news. one thing you have to be wary of, royalty costs that they pay out, content, sales and marketing costs. insiders we have seen the stocks or 222%, those are things to contend with.
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and we are watching general motors, the managing partner and founder did a presentation called gm of compelling investment. it seems this particular -- a stake in gm police to rise 40% over the next 12 to 18 months according to people familiar with it. gm declined any comment but you see gm up 1.7%. this is the biggest hedge fund in investment. cheryl: the government gets out, other guys get in. dennis: in a bid to broaden its customer base and attract new younger buyers german automaker daimler is testing online sales with mercedes-benz luxury cars. in germany, later looking to expand to the u.s. the company's biggest market the lot of states won't allowed that because they favor the dealer. it is, mercedes, it offers four
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pre configured models ranging from the entry-level hatchback to the sleek c l s sedan. the entry into the congress comes as it expands with the model range includes bmw finding smaller models at the $30,000 see all day. cheryl: the younger generation to bought a mercedes on line. cheryl: haven't owned a car in 30 years, alien territory. cheryl: a historic decision on pension reform. after years of battle in illinois has unions during the to fight back. the latest details in a report. dennis: a major assist imperiling across the great plains. we will tell you where it is heading next and how u.s. currencies are faring against the u.s. dollar. every day we're working to be an even better company -
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>> 23 minutes past the hour your fox news minute. the midwest and central rockies are bracing for a major blizzard with 6 to 12 inches of snow expected from minnesota to michigan. high winds consent snow whipping
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across the rockies reducing visibility and creating a dangerous travel conditions. spacex successfully launched its first successful payload last night with a 7,000 pound communications satellite on board. spacex was founded by billionaire elon musk. now that detroit has been declared eligible for bankruptcy restructuring, a casualty of the move could be the city's art collection. the christie's auction house appraised the value of the detour institute of art collection between 450 comment and a $60 million. christie's will propose ways for the city to monetize the artwork. those are your news headlines on the fox business network. dennis: time to make money with charles payne. he joins us with a look at a leader in cyberoptics. charles: we were down 50, now we are down 40.
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a lot of stocks will move real soon on no news or even good news. one of these names had an amazing run from may to october. it has been steadily drifting down on amazing news. last time they reported it was a dream quarter. revenues were up significantly, operating margins up significantly, and the 200 day moving average, it is a great place to get in. the caveat for all of this, particularly technology names, you have to be willing to hang in and ride the wave sometimes. people will be confused when these numbers come out and good news, all that stuff. cheryl: a lot of stocks will move on no news or good news so you are looking for a nice --
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charles: looking to pull back on no news or good news. this stock went up 100% and drifted but not for any fundamental reason. as long as fundamentals don't change, hold off for the ride. cheryl: keep talking. thanks. it is being called a landmark decision but is it actually legal? the latest on the detroit bankruptcy decision coming. dennis: not leaving las vegas, longstanding since it gained only two weeks ago, garth brooks is not ready to say good bye. details ahead. look at today's winners and losers on the s&p.
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>> a historic decision, details come up in illinois pension reform and how the unions may fight back. the trey try to fix his pension problems gearing up for what will be the nation's largest public bankruptcy. but how much of it is legal? and vegas gearing up for the demand two return. stocks every 15 minutes. nicole petallides. where are we headed? nicole: it is hard to say. the green and the red, that has been what we are seeing most of the time lately. take a look at some movers, deere has been in focus since this morning expanding the buyback $8 billion now. that stock up 3.3%. a big pop on heavy volume. microsoft new high.
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so much surrounding microsoft, that is the latest headline since approval from the eu for their nokia deal. meantime, employees will be merged into microsoft. down 3%, huge company, one to follow. goldman sachs trying to make a go of it. and express is the big story today warning about the holiday season lowering their numbers, so far down 23%. dennis: thank you, nicole. cheryl: now we have the latest from the state of illinois. where lawmakers have approved a law overhauling the public worker pension system. jeff flock back in chicago with this union fight. jeff. jeff: i heard you talk about
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what the detroit deal is legal or not. there's a question of if the deal in illinois is legal or not. barring them from diminishing pensions here. essentially lowers the retirement age, or raises retirement age if you're up on that. it also lowers the cost of living adjustment, very generous 3% annually the matter what the cost actually is compounded annually. that is going to change. cap in the salary on pensions, the cap is $110,000. and cutting employee contributions. this is one of the ways they will get around the question if this is diminishing pensions or not because they cut in what you have to contribute, and establish 401(k).
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now, how are they going to pay for this? the democrats oppose this, some are opposed to it because they say it does not go far enough and there has to be a state tax increase. currently illinois passed a temporary increase in the income tax. supposed to go down 3.75% a year after next. corporate tax 5.25%. but they're going to lose almost $7 billion per year if they do that. some say there is no way they can afford the pension deal unless they raise taxes to the bottom line. cheryl: you have got to watch after what happened in detroit. jeff: what is the impact on a credit rating. that next hour as well.
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dennis: legal bombshell, federal judge held the city of detroit can formally enter bankruptcy with mixing city pensions despite a measure otherwise. let's talk to her lawyer about it. bankruptcy attorney, partner at the firm. how long cannot delay, and they win? >> it will last a very long time, the number chances of them winning is very remote. dennis: other cities realize, other unions realize we better be thinking about pension cutbacks because we may not be protected by the courts? >> that is the issue t dep. deciding they can try to reorganize themselves.
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whether it is organized without paying the value of all of the assets is a big question. think about if you could go into bankruptcy, have no surplus income because you're using it to pay for medicare he got back two mandatory health care. discharge your debt, that is what it is asking for. dennis: we did an item on this, $10 billion on detroit, world-class city. the court can order that, can it? >> in history of this country nobly has received a discharge and kept assets without paying the value of those assets. have all of the debt eliminated. dennis: wipe out your debt even though you own a bunch of fancy stuff, you have to give that up. you said the unions might have recourse against the state of michigan in some cases, the will that be another battleground?
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>> they may say to the state of michigan they can be impaired by detroit, but they still have caused a violation of its constitution. dennis: do you think there's a chance on that at all? >> they have a chance, it is new territory. dennis: don't retirement plans in the private sector, don't they get cut all the time? haven't they gone back into pension plans and said sorry, we're cutting our benefits, does it turn out they are nonexistent in the government sector? >> outside the government sector you have the guarantee core guaranteeing a portion of everyone's pension. it does not guarantee the pensions of these employees. dennis: so your point? >> the city municipal employees don't have the same protections as private employees and private corporations. dennis: what is the result of that?
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>> they may be hurting more unless the judge requires detroit to pay the value of its assets, which may pay off creditors defaults. dennis: the pension plan is one of the big problems. thank you for being with us today. appreciate it. >> thank you, dennis. cheryl: time for your "west coast minute." bart biggest unions suing the agency claiming the board of directors broke the law during the negotiations of the recently signed contracts. the visions of the medical leave act were stripped out, but union bosses say their understanding was would be included. they say the suit will not affect bart services for now. president obama losing ground with california voters traditionally a president has had strong approval ratings in california, but the latest polling shows 43% of voters disapprove of the president's job performance. this unusual is this high of a number especially since they've had support from women and
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latinos. finally, garth brooks two weeks ago said goodbye to his long-running vegas show is going back for new year's. steve wynn said he could have another theater for use whenever he wanted and the country star says why not now. he will play for shows. the cbs show breaking ratings. we're taking a look, actually doing pretty well. is doing pretty well. those 9 million viewers. go for it. dennis: receiving numbers that could stir controversy around music royalty. cheryl: this is the season to drink. the bottoms up. responsible for the realm, he will be here to talk about the holiday season process.
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yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn untilt was full. you'd be crazy not to. is tt nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. tracy: i'm trac tracy byrnes wih your fox business brief. sales of newly constructed homes jumped or the 25% in october from december. commerce department reports that his highest level in four months with double-digit gains in all four regions across the country. mortgage applications slipped
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for the fifth straight week. mortgage bankers association index found applications fell by 12.8% last week. the index is now at its lowest level since early september. the private sector added 215,000 jobs last month topping expectations for a gain of 173,000. this it is the most jobs added in a year. on friday we look at the big monthly jobs report from the government. latest from the fox business network giving you the power to prosper.
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dennis: a drop in supply helping oil to fourth straight session gain work on the fourth straight session in stocks. phil flynn. phil: this thing is rocking today. 4.6 million barrels drawdown, but the question is why. you heard of christmas in july.
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the heaven like fourth of july near christmas. refiners are going crazy refining gasoline and products like it is going out of style thafor the same time big drops along the gulf coast. part of that is the houston shipping channel was shut down due to fog. a lot of people will say it is going to change, but guess what, today once again the shipping channel shut down again due to fog slowing imports into the gulf coast keeping those prices high. what does it mean for demand of product? very strong right now. refiners running at a very high rate and if they continue this was the product starts to build. the export window is very strong with the cost of brent crude. the brent crude wti spread coming in dramatically could be only the beginning with more oil down to the gulf coast. back to you, dennis. dennis: thank you, phil flynn.
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cheryl: of the largest alcoholic beverage companies in the world with the holiday party season underway, the spirits giant is looking to cash in. joijointly now is the ceo. good to see you again. we had this conversation last december about this is the make it or break it season for champagne and wine sales for you. how are you feeling right now? >> good. last year the premium continuing on, great for the spirits business and champagne. we do 32% volume in this three months of october, november, december. dennis: are you seeing good sales numbers? are you satisfied with what is happening in the market? there is a question of how much the consumer is willing to spend right now. >> most positive thing at the moment this is a lot of interest in brown's beers cooperatively the whiskey.
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jamison, these brands. what is interesting is $30 per bottle for the premium spirits and the higher age spirits. dennis: it is a smaller batch made. you are selling craft liquor. is that where the future is? >> a lot of interesting craft spirits. generating more interest in that category. a lot of the big craft, spirit product made by companies like us. small single pots of whiskey have a cult following. is a clear spirit. cheryl: absolut vodka is one of your products. you are blending vodka and items from new zealand. is that the new trend in
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liquors, cocktails, not even sure what that would be. >> we have taken sparkling wine and put it with vodka for a new kind of product. we put it out and vacations have been positive. the real holiday that we have had. cheryl: you entered is to the malibu read. ron and tequila. let me ask you about the competition because you are number in the world. what do you think you can do in the u.s. to bridge that gap? still kind of a wide margin. >> in the end is abou is about e brand. make sure the portfolio is as strong as possible. cheryl: do you feel it is weak
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in the demand? >> we have a strong portfolio to gain as much ground as possible. cheryl: what do you think of his overall market will go? as we see the european economy recover, alcohol sales in the uk have doubled in the last five years. i don't know that is because they have been in a massive recession or that is just the way the business is going. what is your perception? >> if you look at the millennial's, there is strong indexing of spirits and wine of traditional alcoho alkaline terf beer. positive for us. a level of suspicion in the united states don't see anywhere else. probably more skate home entertainment situation in the united states, severe positive in this country. dennis: it is the bartenders at the end of the day. indirectly. thank you very much, good to see
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you again. have a good new year. dennis. dennis: in today's media minute, spotify paid less than a penny per song to music rights holders for the 20 million songs that offers. radiohead and other music acts complained about the puny payments from online vendors. they pay up to 8400 of a penny for one song streamed so if they pay 10,000 times only paid the artist $84. this paid some $3 million this year, so stop whining. how much is old-fashioned radio paying? nothing. in a rare victory for hollywood a fight against digital piracy bid to court ordering u.s. download site to shut down and pay $80 million in damages to motion picture association of america for the rights fees 95 million songs played. from hollywood, "the wolf of
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wall street" opens christmas day. a real-life scammer banker who snorts cocaine off of gorgeous women. the buzz is high and so is the cast of characters. but my whole some family entertainment for the holidays. cheryl: a lot going on in that movie. as the legends continuing from the extrem screen to the small , will ferrell popular character ron burgundy making a big splash hitting everything from local news to espn. genius marketing or overkill? dennis and i are going to talk about it coming up. dennis: but first, the winners on the nasdaq. ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai,
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>> new line the great quarterbacks playing the game today, you have a lot of success and yet you've done it all without a mustache. you run around out there and you look like a succulent baby lamb. dennis: he is at it again this time i rather hilarious sports interview with peyton manning. the two guest host espn flagship show this thursday in full character alongside other guys on the film. this all part of the exhaustive but marketing campaign around anchorman which hits theaters december 18. cheryl: played by will ferrell has got serious ai airtime leadg up to the release of the film.
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he was substitute anchor in north dakota. who could forget. >> a lot of people will tell you about the dodge durango 350-horsepower. but i'm the only one with the guts to tell you about the glove box. cheryl: it paid off. sales has plate due to that ad campaign. dennis: it is blurring the lines that never before. all these tv shows willing to put the guy on air in character. he went on conan trashing the dodge durango saying it was not a good car. cheryl: saying i wonder if the movie will live up to all the hype you have to wonder at the end of the day if the sales for the tickets are going to come through. you're going to be having all of this.
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dennis: it is not same kind of guy. no way they go see the sort cap stick movie. fox now says just sold all ad inventory fill: super bowl in february month earlier than last year average per price 30 said to be $4 million. some as much as 4.5 million. nielsen says last year's super bowl on cbs $288 million. this year's game in new jersey, that class room for 65 of those various expensive ad spots. cheryl: are the oil cartel ministers ignore and the production around them? matt smith on the big issue bubbling under the surface. dennis: with them but he glued to the bankruptcy, adam and laurie show you where this is already played out in the 55% cut in retirement benefits. could it happen again?
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adam: welcome back to "markets now." lori: stocks cannot decide which way to go. the dow and s&p swinging back to the downside heading to the worst losing streak in two months. adam: central falls, rhode island, emerged from bankruptcy drastically choppy retirement benefits by 55%. we are going to talk to the man at the head of the negotiating table, a lawyer representing the receiver. lori: benefit package that is the furthest thing from being cut. charlie gasparino on the latest golden parachute flying down on wall street. adam: a perfect storm brewing for opec. fighting for relevancy as it battles supply issues in the middle east and the leadership
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void at the top. right now time for stocks heading to new york stock exchange where nicole petallides is watching what is happening. now negative again, what is going on? nicole: tha that is a back-and-h action we have been seeing as of late. the market has been trending to the upside these last few days have challenged that. right now the dow down 35 points, to be down for the fourth day in a row. we have not seen that for some time. down a quarter of 1%, so is the s&p 500 and the nasdaq composite. we got some adp data for private sectors, that was good news. also our home numbers so new home sales did bp estimates, that was good news for the month of october when we saw a big jump, th

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Markets Now
FOX Business December 4, 2013 11:00am-1:01pm EST

News/Business. Business news. New.

TOPIC FREQUENCY Detroit 16, New York 13, U.s. 12, Napolitano 11, Us 11, Chevron 11, Illinois 9, America 9, Ho 7, S&p 7, Dennis 6, Christie 5, Oracle 5, Adp 4, Google 4, T. Rowe 4, Nicole Petallides 4, Michigan 4, Mariano Rivera 4, United States 3
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Scanned in San Francisco, CA, USA
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